Stellantis shares are down Wednesday even as the Jeep and Chrysler maker reporter rising first-quarter net revenue and improved shipping numbers.
The Dutch-based company posted revenue of US$52 billion, up 14% year-over-year, including $25 billion in North America. Consolidated shipments rose 7% from a year earlier to 1.48 million, which the company attributed to an “improvement in semiconductor order fulfilment.”
EV sales increased 22%, which is notable as nine new EV models are expected to launch this year across Stellantis’ brands. Along with Jeep and Chrysler, the automaker owns Dodge, Ram, Fiat, Alfa Romero and Maserati.
The company also reiterated its full-year guidance of a double-digit adjusted operating income margin and positive free cash flow.
Investors seem to be skeptical, though, as its shares fell 2.5% Tuesday morning to $15.92.
Meanwhile, Stellantis underwent a $1.7 billion share buyback program, which it says will net shareholders a payout Thursday of $1.40 per share.
The figures released are part of Stellantis’ quarterly shipments and revenues report, rather than a full earnings report, which the company only puts out every six months.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel